THE EUROPEAN UNION is trying to keep its economy intact amid the coronavirus pandemic, and one economist tells Express.co.uk that measures taken by the European Central Bank could lead to another financial crash in the future.

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As Europe is the epicentre of the coronavirus outbreak, countries across the EU have gone into lockdown – including some of the bloc's biggest economies. This has brought economic activity to a halt and provoked drastic measures from the European Central Bank as it bids to save the euro. President of the ECB – Christine Lagarde – launched a huge bond-buying programme earlier this month worth £680billion as she looked to stimulate the European economy.

The Bank of England warned: “The spread of COVID-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary."

However, Professor Begg also highlights how the EU has become divided as a result of the ECB's measures, as German banks feel they may be forced to share damage with Southern Europe as happened in 2008.

The economist added: "In political terms there has been a strong resistance, especially from Germany and some of the other creditor countries inside the eurozone to this action by the European Central Bank.

"It was very much seen in the days of Mario Draghi (former President of the ECB) as something he was doing as it suited Italy, and was against the German ethos of having monetary stability.

"So you might see that kind of objection resurfacing not immediately, but a few months down the line you could see opposition to what Christine Lagarde did from German sources."